Mike McGlone, a Bloomberg expert, has doubts about Bitcoin hitting $150,000 anytime soon. Here’s why: Macroeconomic Trends and Bitcoin’s Performance McGlone compared Bitcoin to the S&P 500 stock index and found that Bitcoin’s performance has been weaker in 2024 than in 2021. He also noted that Bitcoin’s performance has been similar to gold, which is…
Local Bottom Reached? Crypto analyst MilkyBull believes Bitcoin’s local bottom has been reached. He points to the fact that the next major resistance level is at $64,557. Before hitting its all-time high of $73,000, BTC will likely clear $67,000 and consolidate. Historical Patterns MilkyBull also notes that Bitcoin’s price action in 2017 suggests a similar…
Bitcoin has been stuck in a rut lately, despite recently crossing $60,000. Here’s why: Spot Bitcoin ETFs Lose Steam When Spot Bitcoin ETFs launched, they attracted billions in investment, which helped Bitcoin surge to an all-time high. However, demand for these funds has since dwindled, dampening Bitcoin’s momentum. Analyst Predictions Analysts like Andrey Stoychev believe…
Funds on the Move Six months after the Poloniex crypto exchange hack, the stolen funds are starting to move. One of the hacker’s accounts transferred $3.5 million to a crypto mixer called Tornado Cash. Hacker Launders Funds The hacker sent 100 ETH ($308,000) to Tornado Cash from one account and later sent 1,100 ETH ($3.5…
Concerns Raised by SEC Chair Gensler In a recent interview, SEC Chair Gary Gensler expressed his worries about the crypto industry, citing its alleged role in scams, fraud, and non-compliance with securities laws. Non-Compliance with Securities Laws Gensler emphasized that many cryptocurrencies are considered securities under the law, and companies offering these assets must comply…
A massive Shiba Inu (SHIB) transfer has caught the crypto world’s attention. A whale, identified as Robinhood, has moved 1.7 trillion SHIB tokens in two separate transactions. Robinhood’s Transactions Robinhood, a popular crypto trading platform, is known for its large-scale SHIB movements. This recent transfer could be related to fulfilling customer buy orders after the…
The crypto industry is flexing its financial muscle, with Super Political Action Committees (PACs) amassing a massive $102 million war chest to influence the 2024 US elections. Funding Surge Led by Crypto Billionaires Rick Claypool of Public Citizen reports that crypto companies, executives, and their allies are pouring millions into campaigns. Their goals include supporting…
Ethereum has been underperforming lately, leaving investors wondering if its days as a top cryptocurrency are numbered. Weak Fundamentals Ethereum’s price has been stuck around $3,100, showing a lack of upward momentum. The cryptocurrency is closely tied to Bitcoin but has been underperforming despite Bitcoin’s record highs. Ethereum’s failure to deliver timely upgrades, such as…
Ethereum’s Ongoing Volatility The crypto market has been a rollercoaster lately, with Bitcoin and Ethereum moving in different directions. Bitcoin seems to be settling down, but Ethereum is still facing a lot of uncertainty, especially in the options market. Implied Volatility: A Measure of Uncertainty Implied volatility (IV) shows how much investors expect an asset’s…
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